Report on World Smart Material Market highlights the growth in North America, Europe and Asia region to 2020 just published

Smart materials are adaptive or intelligent materials that possess intrinsic and extrinsic capabilities, which can be altered by external stimuli such as moisture, temperature, electromagnetic field, and pressure to obtain the desired functional effects. In addition, these materials are dynamic in nature and respond to their immediate interaction environments by adapting their characteristics. Advancement in the materials science sector resulted in the development of materials for specific applications, which was previously not possible with the use of conventional materials such as polymers/plastics, metals, glass, and ceramics. The smart material market is valued at $72.63 billion for the period 2015 – 2022. Besides this, the smart material market is expected to register a CAGR of 14.9% during the assessment period.

Smart materials are capable of working at a very basic functional level and can be used in complex technical systems by incorporating additional functionalities and properties. For instance, smart materials can be used in energy supply systems for microelectronic components. These attributes have attracted many end-users to the smart materials market. Rapid demand for smart materials, piezoelectric and biomimetic materials have now caught the attention of major ainvestors worldwide. The demand for piezo-electric materials is significant in North America. Manufacturers specializing in thermally responsive materials and other materials such as smart fluids and smart hydrogels will keep many stakeholders interested in the smart material market.

Smart materials are used in applications such as transducers, actuators & motors, and structural materials. The market for smart materials is driven by growing adoption of smart materials products among various end-user industries, such as defense & aerospace, automotive, and consumer electronics; supportive government initiatives & plans; and increasing R&D investment by prominent smart material market players to optimize the cost and quality of smart materials. The demand for smart materials is on a rise worldwide on account of potential growth in emerging economies as well as evolution in Internet of Things (IoTs). This will open new opportunities for the smart materials market worldwide.

The market is segmented on the basis of application, end user, and geography. By application, it is divided into transducers, actuators & motors, sensors, structural materials, and coatings. Based on end user, it is classified into industrial, defense & aerospace, automotive, consumer electronics, healthcare, and others (civil engineering and retail). The world smart material market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA.

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